I feel a need to clarify this Minute from today’s newsletter

While it’s true I feel these sales in the thousands/tens of thousands are more likely “for art’s sake” than say a 7-figure punk sale…

I didn’t mean that I thought they were bad investments

In fact, I feel some will return higher multiples than the grail sales.

However, there is more risk attached, as there is less consensus and awareness around the artists than say punks and xcopy

Which is why collectors firing in this range - either for investment, love or art, or both - is indeed max bullish

Gn